New American Plutocracy Trumps American Democracy, An Illusory Party.....…….
"Fifteen million unemployed. Two million homes in foreclosure. Meanwhile, as The Wall Street Journal reported, many banks and securities firms on course for larger profits and larger bonuses in 2009 than in 2007. Those bonuses will go to some of the "very same people who brought the system to its knees,"……Keep in mind that government intervention, supported by public tax dollars, prevented a run on institutions like Morgan Stanley. Here is John Mack, the CEO of Morgan Stanley, recently speaking on CNBC: "To be honest with you," he said dismissively, executive pay is "an easy target" and "enough's enough." Is it enough?...........As Bloomberg's David Pauly wrote, "The bonus system--typically amounting to 60 percent of Wall Street's pay--is what led banks to take outsized risks in disastrous subprime mortgages that fueled the credit debacle."……...Record bonuses capture the spirit of the issue. Main Street felt and still feels conned. And the reasons are manifold……."…………….
“But the bank lobby is mighty and is fighting reform. Thus far, Democrats have not gotten it done. To his credit, President Obama is trying. But talk is easy. Democrats must close. Or they are not worthy of their mandate……....”
Nice title, Except there is no shame on Wall Street. Shame is only for the average schmuck, as Wall Streeters privately think of the rest. It is something that is supposed to matter to everybody else, not to them. You don't usually see a mugger or rapist go on CNBC or other news networks, do you?
As for the Democratic Party, it is no more than an illusion. Maybe the barely more palatable of two bad alternatives......
Cheers
mhg
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